Entropy Technologies LP Acquires 1,418 Shares of The Progressive Co. (NYSE:PGR)

Entropy Technologies LP boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 7.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,083 shares of the insurance provider’s stock after purchasing an additional 1,418 shares during the period. Entropy Technologies LP’s holdings in Progressive were worth $5,052,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PGR. Webster Bank N. A. bought a new stake in Progressive during the fourth quarter worth $26,000. Hager Investment Management Services LLC bought a new stake in Progressive during the fourth quarter worth $28,000. Valley National Advisers Inc. lifted its stake in Progressive by 3,000.0% during the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 120 shares during the last quarter. DiNuzzo Private Wealth Inc. increased its holdings in shares of Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares in the last quarter. Finally, Independence Bank of Kentucky increased its holdings in shares of Progressive by 1,650.0% during the fourth quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock worth $42,000 after buying an additional 165 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

PGR stock opened at $250.64 on Friday. The stock has a market capitalization of $146.83 billion, a PE ratio of 17.41, a price-to-earnings-growth ratio of 0.64 and a beta of 0.42. The company’s 50-day moving average is $245.24 and its 200-day moving average is $245.60. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The Progressive Co. has a 1 year low of $180.72 and a 1 year high of $270.62.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Equities research analysts expect that The Progressive Co. will post 14.44 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s dividend payout ratio (DPR) is presently 2.78%.

Insider Transactions at Progressive

In related news, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the transaction, the insider now owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 9,066 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the completion of the transaction, the chief executive officer now directly owns 473,736 shares in the company, valued at approximately $114,691,485.60. The trade was a 1.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,361 shares of company stock valued at $13,983,575 in the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PGR shares. Wells Fargo & Company upped their price target on shares of Progressive from $302.00 to $313.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. TD Cowen increased their price objective on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a report on Tuesday, December 10th. Evercore ISI increased their price objective on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Finally, Keefe, Bruyette & Woods decreased their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a report on Friday, January 10th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $275.71.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.